Eastplats Update on Reserve Statement at Crocodile River Mine

Eastplats Update on Reserve Statement at Crocodile River Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2013) - Eastern Platinum Limited
(TSX:ELR)(AIM:ELR)(JSE:EPS) ("Eastplats") is pleased to update its annual reserve
statement for the Crocodile River Mine located near Brits, Northwest Province, South
Africa. The updated reserve reflects depletion and development work subsequent to the
reserve statement in the Company's NI 43-101 compliant technical report which was
published on SEDAR on December 20, 2010 and the Company's press release of May 17, 2012.
The updated reserve is current as of December 31, 2012. The following factors apply:
/T/
-- 15% geological losses are included
-- 15% pillar losses are included
-- 5% mining loss is included
-- Mining widths are 142 cm at Zandfontein and 146 cm at Maroelabult
(Maroelabult was 142 cm in 2011)
-- Dilution is included consistent with the mining width
Proven and Probable Reserves
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Section 2011 Reserve 2012 Reserve Update
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4E 4E Pt Pd Rh Au
Proven Tonnes g/t Tonnes g/t g/t g/t g/t g/t 4E ounces
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Zandfontein 1,246,000 4.17 1,554,000 4.17 2.61 1.09 0.43 0.03 208,000
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Maroelabult 394,000 3.98 426,000 3.98 2.49 1.04 0.41 0.03 55,000
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Subtotal 1,640,000 4.12 1,980,000 4.13 2.58 1.08 0.43 0.03 263,000
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Probable
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Zandfontein 18,673,000 4.17 17,569,000 4.17 2.61 1.09 0.43 0.03 2,355,000
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Maroelabult 1,451,000 3.98 1,268,000 3.98 2.49 1.04 0.41 0.03 162,000
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Crocette 3,530,000 3.78 3,530,000 3.78 2.18 0.78 0.35 0.02 429,000
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Subtotal 23,654,000 4.10 22,367,000 4.10 2.54 1.05 0.42 0.03 2,947,000
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Total 25,294,000 4.10 24,347,000 4.10 2.54 1.05 0.42 0.03 3,210,000
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/T/
At Maroelabult, 41,483m2 have been removed from the reserves as a result of the 2012
drilling program which provided for an improved interpretation of the displacement along
the Kareespruit fault. Increases in Proven Reserves are due to development work through
2012 consistent with the current operating plan (see June 12, 2012 press release).
The qualified person having reviewed the reserves data and information presented in this
press release is Mr. Brian Montpellier, P.Eng.
Total shares issued and outstanding: 928,187,807
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to
provide readers with a reasonable basis for assessing the financial performance of the
Company. All statements, other than statements of historical fact, are forward-looking
statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan",
"intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar
expressions identify forward looking statements. These forward-looking statements pertain
to assumptions regarding the price of PGMs, fluctuations in currency markets (specifically
the Rand and the U.S. dollar), the future funding of the Company's projects, the future
development of the Company's projects, the Company's plans for its properties, the
anticipated timing for the awarding of tenders, and the accounting policies issued but not
yet effective for the Company. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable by the Company, are
inherently subject to significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results to differ materially
from those projected in the forward-looking statements. Such factors include, but are not
limited to, the risk of fluctuations in the assumed exchange rates of currencies that
directly impact the Company, such as Canadian dollar, South African Rand and U.S. dollar,
the risk of fluctuations in the assumed prices of PGM and other commodities, the risk of
changes in government legislation, taxation, controls, regulations and political or
economic developments in Canada, the United States, South Africa, or Barbados or other
countries in which the Company carries or may carry on business in the future, risks
associated with mining or development activities, the speculative nature of exploration
and development, including the risk of obtaining necessary licenses and permits, and
assumed quantities or grades of reserves. Many of these uncertainties and contingencies
can affect the Company's actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking statements made by, or
on behalf of, the Company. Readers are cautioned that forward-looking statements are not
guarantees of future performance. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ materially from
those acknowledged in such statements. Specific reference is made to the Company's most
recent Annual Information Form on file with Canadian provincial securities regulatory
authorities for a discussion of some of the factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, except to
the extent required by applicable laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
1-(604)-685-6851
1-(604)-685-6493 (FAX)
info@eastplats.comwww.eastplats.com
OR
Canaccord Genuity Limited, London
Rob Collins
NOMAD
+44 (0) 207 7523 8000
OR
PSG Capital (Pty) Limited
Johan Fourie
JSE SPONSOR
+27 21 887 9602
johanf@psgcapital.com
No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.